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Positive Third-Quarter Growth for Topps Tiles

Topps Tiles store in Cardiff 725 x 500.jpg

Topps Tiles Plc (the “Group”), the UK’s leading tile specialist, announces a trading update for the 13 week period ending 29 June 2019.

Trading over the third quarter has improved from the levels reported over H1, with like-for-like sales increasing by 3.8%. 

Analysis of LFL sales by quarter

 

Q1

Q2

First Half

Q3

FY 2019

(1.4)%

+1.8%

+0.2%

+3.8%

FY 2018

+3.4%

(2.2)%

+0.6%

(2.3)%

Strategic Progress 

  • Group – our “Leading Product” strategy of differentiation and innovation continues to further our strategic advantage.  We have launched 25 new ranges this year, with those launched in the last 12 months accounting for 20% of our sales in the period, and our core suppliers accounting for in excess of 70% of our purchases.

  • Retail – our strategy of “Out Specialising The Specialists” continues to deliver strong results.  We launched our customer feedback system, “Tile Talk”, at the start of the year and we have achieved an overall satisfaction score of 87% which places us in the top five retailers in the UK.  We are continuing to roll-out our latest merchandising initiatives in-store and expect to have two-thirds of the estate completed by the end of the financial year.  We ended the period with 365 retail stores trading (2018: 374), having opened three sites during the quarter.
  • Commercial – our strategy of “Disrupt and Construct” continues to make good progress. The period included the complementary acquisition of Strata Tiles, a commercial tile business based in Guildford and London.  Our entry into the commercial tile market has approximately doubled our addressable market and provides opportunities to leverage our competitive advantage. 

Matthew Williams, Chief Executive Officer, said: “The business performed well over the third quarter with like-for-like sales growing by 3.8%. While this is in part due to a softer trading period in the prior year we are encouraged that the successful execution of our strategy is delivering good trading results.”

Source : Insight DIY Team and Topps Tiles

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03 July 2019

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